Group 1 - The company Huaneng International (600011) announced the issuance of a second phase of technology innovation perpetual bonds aimed at professional investors, with a total issuance scale not exceeding RMB 2 billion (including 2 billion) [1] - The final coupon rate for this bond (referred to as 25HPI2YK, code: 243585) has been set at 2.30% after thorough consultation and prudent judgment between the issuer and the lead underwriter [1]

Group 1 - The company has completed the issuance of the "Dagang International Power Co., Ltd. 2025 Technology Innovation Renewable Corporate Bonds (Third Phase)" on August 14, 2025 [1] - The total issuance scale of this bond is RMB 3 billion [1] - The bond has a basic term of 10 years, with the option to extend for an additional 10 years at the end of each cycle [1] - The coupon rate for this bond is set at 2.29% [1]

Core Viewpoint - Datang International Power Generation Co., Ltd. has successfully completed the issuance of its second phase of technology innovation perpetual corporate bonds aimed at professional investors, with a total issuance size of RMB 1.6 billion [1] Group 1: Bond Issuance Details - The bond issuance scale is RMB 1.6 billion [1] - The basic term of the bonds is 3 years, with interest calculated every 3 years [1] - The coupon rate for this bond is set at 1.92% [1] Group 2: Renewal Options - The company has the right to exercise a renewal option at the end of the basic term and each subsequent cycle, extending the term by 3 years if exercised [1] - If the renewal option is not exercised, the bonds will be fully redeemed at maturity [1]

Core Viewpoint - China Railway Group Limited (601390) has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling no more than 50 billion RMB, with a specific issuance of 25 billion RMB for the first phase of the bonds [1][2] Group 1 - The total face value of the corporate bonds to be issued is capped at 50 billion RMB, with the approval valid until April 3, 2027 [1] - The first phase of the bond issuance includes two types: Type One with a basic term of 3 years and Type Two with a basic term of 5 years, both allowing for extensions [1] - The bonds will be issued at a face value of 100 RMB each, with a maximum issuance scale of 25 billion RMB for the first phase [1] Group 2 - The coupon rate for Type One bonds is set between 1.60% and 2.60%, while Type Two bonds have a coupon rate range of 1.80% to 2.80% [2] - The final coupon rates will be determined based on the results of offline inquiries and will be set within the specified ranges [2] - Type One bonds are referred to as "25铁YK03" with the bond code "242841.SH", and Type Two bonds are referred to as "25铁YK04" with the bond code "242842.SH" [2]